Federal Corporate Income Taxes Classic Reprint

Excerpt from Federal Corporate Income Taxes

This book, coming out at a time too late to be of material assistance to the taxpayer in the preparation of his Federal income and profits tax return for 1920, may appear to be out of place. However, the primary purpose of the book is to assist the taxpayer in his determination as to whether or not the computation of his tax liability under the several Revenue Acts has been correctly made and in accordance with the practice and procedure of the Bureau of Internal Revenue.

There has been considerable agitation on the part of taxpayers, particularly business people, for a repeal of the excess profits tax. The new administration is committed in its platform to such a repeal. However, the fact remains that the excess profits tax, despite its deficiencies, has been a source of great revenue to the Government and that the Government still needs and will need for many years to come very large revenues. Until a form of taxation has been agreed upon which can satisfactorily take the place of the excess profits tax, there will be no repeal of the latter.

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